Results for "lawsuits"

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J.P. Morgan settles lawsuit on alleged fiduciary breach in stable value funds

November 8, 2017

An ERISA class-action lawsuit against J.P. Morgan Chase alleging a breach of fiduciary duty in its stable value fund by a class of participants has been settled for $75 million, a court document announcing the agreed settlement shows. The settlement...

Judge grants injunction against DOL fiduciary rule in Thrivent lawsuit, halts case

November 6, 2017

A Minnesota federal judge has issued a preliminary injunction against the Labor Department's fiduciary rule, but also has granted a stay in the case. In a Nov. 3 decision, U.S. District Judge Susan Richard Nelson held that Thrivent Financial...

Broker says she was fired for raising red flag about a wealthy client

November 1, 2017

More than eight years after she was fired from JPMorgan Chase & Co.'s private wealth management group, Jennifer Sharkey told jurors the experience was "like your whole life is taken away from you." Sharkey testified at her trial in Manhattan...

Bridgewater founder defends co-CEO Greg Jensen as a 'man of high character'

November 7, 2017

Ray Dalio, Bridgewater Associates' founder, defended top executive Greg Jensen from allegations of a personal relationship with a female employee, saying he's a "man of high character." Dalio said in a statement issued Tuesday that "I would...

TIAA may be pushing unsuitable products, whistleblowers say

October 23, 2017

This story has been updated to include a statement from TIAA. In attempts to become more like other financial powerhouses, the retirement-plan giant TIAA might be violating its fiduciary duty by pushing customers into unsuitable products that...

PIABA selects Andrew Stoltmann as new president

October 23, 2017

Chicago attorney Andrew Stoltmann has been selected as president of the Public Investors Arbitration Bar Association, replacing outgoing Ohio attorney Marnie Lambert. PIABA is a not-for-profit, voluntary bar association of lawyers who represent...

Lawsuit filed against first state auto-IRA program

October 13, 2017

The ERISA Industry Committee in Washington is seeking an injunction against new reporting requirements from the Oregon Retirement Savings Board in a complaint filed in U.S. District Court in Salem, Ore. The national association advocating for...

Lynn Tilton wins SEC fraud trial

September 27, 2017

Lynn Tilton, whose aggressive management style made her a success on male-dominated Wall Street, won a Securities and Exchange Commission trial she'd spent months fighting to avoid. SEC administrative law judge Carol Fox Foelak ruled in favor...

Painful end for advisers who bought RCAP shares

October 5, 2017

For advisers and executives who owned shares of RCAP, the defunct, mammoth brokerage firm formerly controlled by Nicholas Schorsch, a painful financial chapter of their lives ended last month. A federal judge in New York approved the settlement...

CFP Board: Judge's ruling validates our rights to protect the public

July 28, 2015

The recent court ruling to dismiss the lawsuit filed against Certified Financial Planner Board of Standards Inc. by Jeffrey and Kimberly Camarda marks a significant victory for the CFP certification, CFP professionals and, most importantly,...

Camardas: None of the 70,000 CFPs are entitled to their day in court

July 28, 2015

We think it paramount at this juncture to point out that this decision was not at all about the merits of our case or the fairness of the CFP Board's rules. The court decided the entire case by accepting the CFP Board's case law on voluntary...

Allstate sues Ameriprise for allegedly stealing client information

August 22, 2017

Allstate Insurance Co. is suing Ameriprise Financial in a spat alleging Ameriprise is stealing Allstate's confidential information by recruiting the giant insurance company's salespeople, known as "exclusive financial specialists." Ameriprise...

Xerox wins lawsuit alleging 'kickback' scheme with Financial Engines

October 23, 2017

Xerox HR Solutions has won a lawsuit alleging it engaged in a pay-to-play scheme with the robo-adviser Financial Engines, marking the third defeat this year for plaintiffs bringing such charges against 401(k) record keepers. Xerox's defined...

Ex-Morgan Stanley broker at center of Puerto Rico bond disputes

September 28, 2017

The Puerto Rico municipal bond mess has landed on the doorstep of Morgan Stanley, with mounting arbitration claims against the firm stemming from sales of the bonds and closed-end funds from a former broker in Miami. The broker, Angel Aquino-Velez,...

Judge dismisses lawsuit by Wells Fargo 401(k) participants

September 26, 2017

A U.S. District Court judge in Minneapolis dismissed a lawsuit by participants in Wells Fargo's 401(k) plan, saying the plaintiffs failed to demonstrate that plan executives breached their fiduciary duties under the Employee Retirement Income...

Edward Jones broker terminated over client gift is barred by Finra

August 3, 2017

The Financial Industry Regulatory Authority Inc. has barred a former Edward D. Jones broker for failing to appear for on-the-record testimony in connection with its investigation of his firm's allegation that he accepted a gift from a client...

Big win for LPL in class action over 2016 stock price drop

August 22, 2017

LPL Financial Holdings Inc. won a legal victory late last week when a federal judge on Friday dismissed a lawsuit that alleged the broker-dealer and top executives deceived investors before its stock price fell off a cliff in February 2016....

DOL fiduciary rule: Trump administration signals intent to kill class-action provision in BICE

August 25, 2017

The Trump administration has delivered what seems to be its clearest signal yet that it is seeking to remove the class-action-litigation provision from the Department of Labor's fiduciary rule. In an Aug. 23 letter to Minnesota district court...

SEC suspends former ARCP accounting officer Lisa McAlister

August 17, 2017

The Securities and Exchange Commission has permanently suspended Lisa McAlister, the former chief accounting officer of American Reality Capital Properties Inc. In a settlement in which she consented to the agency's findings, the SEC said that...

General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 28, 2017

Three participants in General Electric Co.'s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District Court...

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